That looks like a good idea, but why not go one step further? Provide a common API interface for password changes. Think about it: If you assume your pw manager database is compromised - what do you do? Go to a hundred webpages and change your password? probably not. Your PW Manager can't provide a feature to do it for you. But it could if there was such an API.
It has been tried before and failed (REST XML Schema, for one example). Site operators just don't want to maintain two complete copies of their password change infrastructure (one for people, one for programmable interaction). The current system puts more work onto the password managers themselves, but realistically even if there was a generic API, the sites themselves aren't generic, each one requires a different se…
Couldn't the former use the latter?